The effect of Bitcoin growth on other currencies in the crypto market

[Bright0515]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.

So what effect do you think the BTC growth added to other currencies?

[Ojima-ojo]

Bitcoin is the central attraction when you talk about cryptocurrency and most institutions and governments will pay more attention to Bitcoin than any other altcoins because of the potential of Bitcoin to exist for the long term and also increase in value as against altcoins that the majority of them can only exist in the market for short term speculations.


Bitcoin can also be taken as a national asset as against every other coin even CBDC has no such intrinsic value as Bitcoin has, so all attention will be on Bitcoin and many have no interest in altcoins because of their high volatility.

[GiftedMAN]

First off, I don't think Bitcoin hitting 100k and above happened within a twinkle of an eye as you said we all witnessed how long the speculation of the price of Bitcoin hitting 100k this year was predicted and it became a reality as predicted this year and the price even went ahead to cross 110k.

Seeing the massive increase in the price of Bitcoin and the growth of Bitcoin investors before and after the price hit 100k, I think it is one of the biggest motivation of Bitcoin holders to keep holding knowing that they have got nothing to lose if they don't sell as a result of panic and to other investors who are believing that other cryptocurrency will become like Bitcoin some day, I don't think the recent increase in the Bitcoin price should motivate them much because I doubt if the other projects where specifically designed to perform the functions like Bitcoin.

[rodskee]

So what effect do you think the BTC growth added to other currencies?

it is not like that

bitcoin affects the investors not other currencies itself when bitcoin is doing well a lot of the investors would start looking for the “next bitcoin” or just the next big thing which is why you’d see altcoins doing well too when bitcoin’s price is doing well as well

another thing is since bitcoin is the original cryptocurrency, everything that follows it is just on its shadow and we’ll see that the investors tend to clump their opinions about altcoins based on bitcoin

[cryptoaddictchie]

So what effect do you think the BTC growth added to other currencies?

Well pretty much I say. If bitcoin going up, expect some coins to go up to making the market bloom again but when bitcoin goes down, altcoin dumps too. Obviously bitcoin is the market leader for crypto and we can totally grasp that when we observed the market.

Just now bitcoin having a retracement and all coins follow through much worser I think.

[Tmoonz]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.

So what effect do you think the BTC growth added to other currencies?

On a more serious note Bitcoin is the king of all other coins, and it has a more solid and reliable foundations and at such every other coins bows where their performance solely depends on Bitcoin. However, you must understand that the only coin that has holding potential is Bitcoin hence anyone one holding other coins other than Bitcoin is at a bigger risk. But yeah no doubt the $100k Bitcoin milestone is indeed a motivation to Bitcoin holders as a prove for more confident in what Bitcoin can become even in the nearest future and at such increasing a wider spread adoption and many more investors are also coming in to the market.

[Aanuoluwatofunmi]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.

So what effect do you think the BTC growth added to other currencies?

When we want to consider altcoins, it is because we have heard about how bitcoin all started and we think going for others too may give the same accurate results for us instead of us waiting for the bitcoin market to crash or plummet in other for us to invest, just as the default has been set, that bitcoin is the lead while all other coins follows in cryptocurrency, also, we cant deny the fact that each coins have their season, but in most cases, bitcoin determines for others.

[alastantiger]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.
So what effect do you think the BTC growth added to other currencies?

The effect is that many people begin to have hopes that their altcoins will do well because Bitcoin is doing well and this mislead people most times to invest into altcoins that'll be a regret when it doesn't meet their expectations. The success of Bitcoin would rub off other cryptocurrency but we should not use that judgement to make our decision on what to invest into because some time not all altcoins get impacted. Bitcoin has made more investors to become hodlers and they no longer hold only Bitcoin but they extend this behaviour into altcoins including memecoin that their future isn't known because of their uncertainty. Many investors now hodl coins that would not see a new all time high again because they think since Bitcoin is doing well that altcoins season will be the next thing to happen.

[Orpichukwu]

The Bitcoin price increase to the 6-figure level was long expected, and it only took its time to finally reach there, which many can say the Trump election winning fastened up the process to why it got there real quick, which I also agree with that.

Bitcoin reaching that height shows that there is more to still be achieved, and it has made way for other currencies to also have their own fair share, which most have broken to their ATH and create new ones too. We can say that this is one of the influences and effects of the Bitcoin price increase.

[GeorgeJohn]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.

So what effect do you think the BTC growth added to other currencies?

bitcoin is a currency of its own and it is known as a digital currency for me it does not have any effect on any other currency it always concentrate on each market cap so that is why when you say that cryptocurrency especially bitcoin affect other currencies I will stand to disregard such statement because before the creation of Bitcoin other currencies is already in existence so bitcoin is not influencing them but rather than see the potential that is in Bitcoin that makes bitcoin to be more influential more than any other currency, for the aspect of holding Bitcoin I believe that what makes people to hold bitcoin is because of investment so my motive of holding bitcoin for long time at the motive may not be the same and durability of Bitcoin will explain for the reason why we are holding Bitcoin

[Miles2006]

If I’m not mistaking op is trying to state the fact crypto growth depend on bitcoin growth so they can also be profitable, no doubt bitcoin market growth impacted few coins. As the name imply altcoins, I’m not surprised because every coin is just like a second option compared to bitcoin, the impact most of this coins get during times like this is the hype and price whenever bitcoin price is high it’s certain few coins will rise else there’s no comparison neither will anyone miss an investment chance.

[danherbias07]

We have seen how other currencies are being pulled by Bitcoin upward so that's your effect. But do remember, when Bitcoin falls then the same will probably happen to other cryptocurrencies market because of the sudden decline in trust rating.
There will always be weak hands that will definitely sell without thinking twice when they see a sudden spike down. Especially those who invested lots of money and didn't want to end up being poor in the process. The Hodlers on the other hand, they will probably keep it without even having the idea to sell for a long time.

[Text]

One of the effects of the rising price of Bitcoin is the increased confidence among investors. Whenever this happens to Bitcoin, it often generates new interest in liquidity for altcoins.

I also think this varies depending on the coin and timing. For major projects like Ethereum, Bitcoin's success can spark new waves of institutional and retail adoption. As for smaller or less established coins and tokens, it can either inspire speculative buying or leave them overshadowed as the focus remains on BTC.

[MusaMohamed]

One of the effects of the rising price of Bitcoin is the increased confidence among investors. Whenever this happens to Bitcoin, it often generates new interest in liquidity for altcoins.

I also think this varies depending on the coin and timing. For major projects like Ethereum, Bitcoin's success can spark new waves of institutional and retail adoption. As for smaller or less established coins and tokens, it can either inspire speculative buying or leave them overshadowed as the focus remains on BTC.

It has postitive and negative effects.

It triggers the general market sentiment to be very bullish. It's positive effect.
There are unfortunately some negative effects. It causes more greediness in investors and newbies so they will spend their money more carelessly in this market. It causes altcoin developers of projects launched in previous market cyles, can abandon their projects, to create new ones that are more trendy in this new market cycle.

Altcoins are risky, they can die or can be abandoned by founders and developers.

[CageMabok]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.

So what effect do you think the BTC growth added to other currencies?

The growth of Bitcoin is driven by the interest rate that is willing to buy Bitcoin at any time because when it can continue to grow every year of course there are other effects such as the increase in the price and value of Bitcoin itself so the same thing can also happen to other coins when the community of other coins can continue to grow. But from what we have seen now is quite real where there are many coins that have experienced a price drop including Bitcoin when there was a rate cut from the FED although I thought it was just a coincidence.

[bitLeap]

For the past few years all attention of higher purchase of crypto currencies have been on Bitcoin expecting something extraordinary from Bitcoin investment though there were other coins but all attention was majorly focused on BTC to see the profit before they proceed with others, like no one really expected BTC to hit $100 within a twinkle of an eye. So it's very motivating and I think this has been the motivation of HODlers and investors on other currencies believing at anytime they may have their breakthrough.

So what effect do you think the BTC growth added to other currencies?

Simple since the beginning Bitcoin is the parent and every time bitcoin moves up or down it will affect the altcoin market as a whole without exception. Because altcoin liquidity depends on the price of bitcoin, I mean every investor and crypto developers stick to the main asset bitcoin in terms of profit, it has been proven that when bitcoin experiences a rally and provides profit then altcoin projects get funding.

[fikrett]

One of the effects of the rising price of Bitcoin is the increased confidence among investors. Whenever this happens to Bitcoin, it often generates new interest in liquidity for altcoins.

I also think this varies depending on the coin and timing. For major projects like Ethereum, Bitcoin's success can spark new waves of institutional and retail adoption. As for smaller or less established coins and tokens, it can either inspire speculative buying or leave them overshadowed as the focus remains on BTC.

We can say the same when BTC is down, like now.
At least for a little while - we will see some people have shaky thoughts - but those who were for a while on the market won't even look at such things.

[m2017]

So what effect do you think the BTC growth added to other currencies?

Well pretty much I say. If bitcoin going up, expect some coins to go up to making the market bloom again but when bitcoin goes down, altcoin dumps too. Obviously bitcoin is the market leader for crypto and we can totally grasp that when we observed the market.

Just now bitcoin having a retracement and all coins follow through much worser I think.

But the growth of altcoins is secondary: that is, when the value of bitcoin grows, altcoins grow worse, and when bitcoin falls, altcoins fall more. In other words, the remaining other cryptocurrencies behave like "worse" versions of bitcoin. Bitcoin remains the main flagship, setting the general trend on the crypto market. All market movements are repetitions of the movement of bitcoin, I repeat, but with worse manifestations.

[Helena Yu]

The reality is like this.

When Bitcoin price rise 10%, altcoins price rise 3%.

When Bitcoin price rise 30%, altcoins price rise 10%.

When Bitcoin price down 2%, altcoins price down 5%.

When Bitcoin price down 10%, altcoins price down 30%.

Only some altcoins price rise higher than Bitcoin.

I have sold my Bitcoin to buy altcoins, now I'm in floating loss like 30%.

[Catenaccio]

The reality is like this.

When Bitcoin price rise 10%, altcoins price rise 3%.

When Bitcoin price rise 30%, altcoins price rise 10%.

When Bitcoin price down 2%, altcoins price down 5%.

When Bitcoin price down 10%, altcoins price down 30%.

Only some altcoins price rise higher than Bitcoin.

I have sold my Bitcoin to buy altcoins, now I'm in floating loss like 30%.

If you don't want stable coins, don't want cash, the best choice for you is Bitcoin, not altcoins. Bitcoin is my favorite choice when I feel that it can have a big movement especially if it has risk of correction is coming. If Bitcoin has a correction, altcoins will have much deeper corrections, and your examples are true. Bitcoin is down 10%, altcoins are down 20%, 30% or 40%.

Like when Bitcoin breaks $100,000 and moves above $110,000, altcoins did not move up too much, they are side way and during these days, when Bitcoin is down 1%, altcoins are down 10% because people are fearful that Bitcoin bull run completes and bear market will come soon.